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Enphase Energy

Nasdaq:ENPH
Snowflake Description

High growth potential with adequate balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ENPH
Nasdaq
$2B
Market Cap
  1. Home
  2. US
  3. Capital Goods
Company description

Enphase Energy, Inc., together with its subsidiaries, designs, develops, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The last earnings update was 47 days ago. More info.


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  • Enphase Energy has significant price volatility in the past 3 months.
ENPH Share Price and Events
7 Day Returns
5.9%
NasdaqGM:ENPH
0.2%
US Electrical
0.5%
US Market
1 Year Returns
204.6%
NasdaqGM:ENPH
-4.1%
US Electrical
0.8%
US Market
ENPH Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Enphase Energy (ENPH) 5.9% 18.3% 79.2% 204.6% 717.5% 104.6%
US Electrical 0.2% -1.4% -3.3% -4.1% 26.3% 3%
US Market 0.5% 0.2% 1.1% 0.8% 37.4% 37.5%
1 Year Return vs Industry and Market
  • ENPH outperformed the Electrical industry which returned -4.1% over the past year.
  • ENPH outperformed the Market in United States of America which returned 0.8% over the past year.
Price Volatility
ENPH
Industry
5yr Volatility vs Market

Value

 Is Enphase Energy undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Enphase Energy to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Enphase Energy.

NasdaqGM:ENPH Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.4%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGM:ENPH
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Electrical Unlevered Beta Simply Wall St/ S&P Global 1.15
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.153 (1 + (1- 21%) (3.74%))
1.125
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.125 * 5.96%)
9.44%

Discounted Cash Flow Calculation for NasdaqGM:ENPH using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Enphase Energy is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGM:ENPH DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 9.44%)
2019 50.97 Analyst x6 46.57
2020 82.19 Analyst x6 68.62
2021 77.67 Analyst x2 59.26
2022 99.93 Analyst x1 69.67
2023 108.91 Analyst x1 69.39
2024 116.37 Est @ 6.85% 67.74
2025 122.90 Est @ 5.61% 65.38
2026 128.74 Est @ 4.75% 62.58
2027 134.07 Est @ 4.14% 59.55
2028 139.06 Est @ 3.72% 56.44
Present value of next 10 years cash flows $625.19
NasdaqGM:ENPH DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $139.06 × (1 + 2.73%) ÷ (9.44% – 2.73%)
$2,130.04
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $2,130.04 ÷ (1 + 9.44%)10
$864.49
NasdaqGM:ENPH Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $625.19 + $864.49
$1,489.68
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $1,489.68 / 121.03
$12.31
NasdaqGM:ENPH Discount to Share Price
Calculation Result
Value per share (USD) From above. $12.31
Current discount Discount to share price of $17.33
= -1 x ($17.33 - $12.31) / $12.31
-40.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Enphase Energy is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Enphase Energy's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Enphase Energy's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:ENPH PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $-0.04
NasdaqGM:ENPH Share Price ** NasdaqGM (2019-06-14) in USD $17.33
United States of America Electrical Industry PE Ratio Median Figure of 30 Publicly-Listed Electrical Companies 16.45x
United States of America Market PE Ratio Median Figure of 3,091 Publicly-Listed Companies 17.68x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Enphase Energy.

NasdaqGM:ENPH PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGM:ENPH Share Price ÷ EPS (both in USD)

= 17.33 ÷ -0.04

-481.82x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Enphase Energy is loss making, we can't compare its value to the US Electrical industry average.
  • Enphase Energy is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Enphase Energy's expected growth come at a high price?
Raw Data
NasdaqGM:ENPH PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -481.82x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
25.7%per year
United States of America Electrical Industry PEG Ratio Median Figure of 18 Publicly-Listed Electrical Companies 2.01x
United States of America Market PEG Ratio Median Figure of 2,125 Publicly-Listed Companies 1.52x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Enphase Energy, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Enphase Energy's assets?
Raw Data
NasdaqGM:ENPH PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $0.13
NasdaqGM:ENPH Share Price * NasdaqGM (2019-06-14) in USD $17.33
United States of America Electrical Industry PB Ratio Median Figure of 63 Publicly-Listed Electrical Companies 1.88x
United States of America Market PB Ratio Median Figure of 5,244 Publicly-Listed Companies 1.79x
NasdaqGM:ENPH PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGM:ENPH Share Price ÷ Book Value per Share (both in USD)

= 17.33 ÷ 0.13

135.23x

* Primary Listing of Enphase Energy.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Enphase Energy is overvalued based on assets compared to the US Electrical industry average.
X
Value checks
We assess Enphase Energy's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electrical industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electrical industry average (and greater than 0)? (1 check)
  5. Enphase Energy has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Enphase Energy expected to perform in the next 1 to 3 years based on estimates from 8 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
25.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Enphase Energy expected to grow at an attractive rate?
  • Enphase Energy's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Enphase Energy's earnings growth is expected to exceed the United States of America market average.
  • Enphase Energy's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGM:ENPH Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:ENPH Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 25.7%
NasdaqGM:ENPH Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 18.3%
United States of America Electrical Industry Earnings Growth Rate Market Cap Weighted Average 10.2%
United States of America Electrical Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGM:ENPH Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:ENPH Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 967 101 2
2022-12-31 813 84 2
2021-12-31 706 108 66 2
2020-12-31 585 89 69 8
2019-12-31 484 53 45 8
NasdaqGM:ENPH Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 346 30 -4
2018-12-31 316 16 -12
2018-09-30 304 12 -15
2018-06-30 303 3 -19
2018-03-31 301 -1 -27
2017-12-31 286 -28 -45
2017-09-30 297 -31 -55
2017-06-30 309 -49 -67
2017-03-31 313 -42 -72
2016-12-31 323 -33 -67
2016-09-30 298 -20 -70
2016-06-30 312 -6 -51

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Enphase Energy's earnings are expected to grow significantly at over 20% yearly.
  • Enphase Energy's revenue is expected to grow by 18.3% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGM:ENPH Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Enphase Energy Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:ENPH Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31 0.86 0.86 0.86 1.00
2022-12-31 0.71 0.71 0.71 1.00
2021-12-31 0.54 0.59 0.49 2.00
2020-12-31 0.56 0.78 0.31 8.00
2019-12-31 0.37 0.52 0.29 7.00
NasdaqGM:ENPH Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 -0.04
2018-12-31 -0.12
2018-09-30 -0.16
2018-06-30 -0.21
2018-03-31 -0.31
2017-12-31 -0.54
2017-09-30 -0.72
2017-06-30 -1.00
2017-03-31 -1.24
2016-12-31 -1.34
2016-09-30 -1.51
2016-06-30 -1.11

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Enphase Energy is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Enphase Energy's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Enphase Energy has a total score of 5/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Enphase Energy performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Enphase Energy's growth in the last year to its industry (Electrical).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Enphase Energy does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Enphase Energy's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Enphase Energy's 1-year growth to the US Electrical industry average as it is not currently profitable.
Earnings and Revenue History
Enphase Energy's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Enphase Energy Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:ENPH Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 346.34 -3.73 59.48 33.49
2018-12-31 316.16 -11.63 55.33 32.59
2018-09-30 303.54 -15.28 51.98 33.46
2018-06-30 302.58 -18.66 48.79 32.69
2018-03-31 301.39 -27.02 46.23 31.17
2017-12-31 286.17 -45.19 45.35 33.16
2017-09-30 297.09 -55.44 48.31 36.33
2017-06-30 308.74 -67.34 55.14 42.10
2017-03-31 313.22 -71.97 60.74 47.24
2016-12-31 322.59 -67.46 66.23 50.70
2016-09-30 297.62 -70.06 70.89 51.87
2016-06-30 311.81 -50.68 71.50 50.76
2016-03-31 334.72 -34.56 76.17 50.46
2015-12-31 357.25 -22.08 78.53 50.82
2015-09-30 396.83 -5.90 79.82 51.32
2015-06-30 393.07 -5.71 80.01 51.37
2015-03-31 372.98 -8.14 76.67 49.73
2014-12-31 343.90 -8.05 72.09 45.39
2014-09-30 305.75 -11.26 66.43 41.07
2014-06-30 268.69 -18.38 62.40 37.25
2014-03-31 244.85 -21.74 57.52 34.58
2013-12-31 232.85 -25.91 55.05 34.52
2013-09-30 223.36 -30.85 54.37 34.34
2013-06-30 222.13 -33.45 53.83 36.61
2013-03-31 219.66 -38.44 52.99 36.79
2012-12-31 216.68 -38.22 50.85 35.60
2012-09-30 216.24 -36.01 46.87 34.25
2012-06-30 200.16 -34.28 41.46 30.11

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Enphase Energy has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Enphase Energy used its assets less efficiently than the US Electrical industry average last year based on Return on Assets.
  • It is difficult to establish if Enphase Energy improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Enphase Energy's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electrical industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Enphase Energy has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Enphase Energy's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Enphase Energy's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Enphase Energy is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Enphase Energy's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Enphase Energy's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Enphase Energy Company Filings, last reported 2 months ago.

NasdaqGM:ENPH Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 14.12 78.41 78.09
2018-12-31 7.78 109.78 106.24
2018-09-30 4.16 112.03 116.16
2018-06-30 -30.12 51.99 58.47
2018-03-31 -31.15 50.73 53.26
2017-12-31 -9.13 49.75 29.14
2017-09-30 -7.80 47.61 28.88
2017-06-30 -2.38 47.34 30.95
2017-03-31 7.47 46.88 29.96
2016-12-31 1.30 33.90 17.76
2016-09-30 10.23 36.46 24.11
2016-06-30 12.46 12.45 8.24
2016-03-31 25.56 20.00 13.02
2015-12-31 41.45 17.00 28.45
2015-09-30 52.97 17.00 22.49
2015-06-30 48.75 17.00 31.89
2015-03-31 43.98 0.00 27.13
2014-12-31 46.95 0.00 42.03
2014-09-30 42.46 5.86 44.54
2014-06-30 37.15 6.53 37.62
2014-03-31 36.44 7.83 39.94
2013-12-31 40.21 8.68 38.19
2013-09-30 40.33 9.29 31.78
2013-06-30 44.35 9.90 33.98
2013-03-31 48.11 10.49 36.43
2012-12-31 56.66 11.06 45.29
2012-09-30 62.53 11.95 41.72
2012-06-30 70.08 13.33 66.97
  • Enphase Energy's level of debt (484.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (21.4% vs 484.2% today).
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Whilst loss making Enphase Energy has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Enphase Energy has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -76.2% per year.
X
Financial health checks
We assess Enphase Energy's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Enphase Energy has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Enphase Energy's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Enphase Energy dividends. Estimated to be 0% next year.
If you bought $2,000 of Enphase Energy shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Enphase Energy's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Enphase Energy's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGM:ENPH Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
United States of America Electrical Industry Average Dividend Yield Market Cap Weighted Average of 20 Stocks 2.5%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2011 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGM:ENPH Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.00 1.00
2020-12-31 0.00 1.00
2019-12-31 0.00 1.00

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Enphase Energy has not reported any payouts.
  • Unable to verify if Enphase Energy's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Enphase Energy's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Enphase Energy has not reported any payouts.
Future Payout to shareholders
  • No need to calculate the sustainability of Enphase Energy's dividends in 3 years as they are not expected to pay a notable one for United States of America.
X
Income/ dividend checks
We assess Enphase Energy's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Enphase Energy afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Enphase Energy has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Enphase Energy's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Badri Kothandaraman
COMPENSATION $2,721,724
AGE 45
TENURE AS CEO 1.8 years
CEO Bio

Mr. Badrinarayanan Kothandaraman, also known as Badri, is the President, Chief Executive Officer and Director of Enphase Energy, Inc. since September 3, 2017. Mr. Kothandaraman joined Enphase Energy, Inc. in April 2017 as chief operating officer. He began his career with Cypress Semiconductor Technology India Private (“Cypress”) in 1995, and worked in process technology development and chip design before becoming Vice President of the Asynchronous SRAM Business in 2008. From 2008 to 2011. He was promoted to Executive Vice President of Cypress’s Data Communications Division from April 2011 to September 2016. He also served as the Executive Director of Cypress Semiconductor Technology India Private Limited from 2012 to 2016. He received his B.Tech degree from IIT Madras and M.S. degree in materials science from University of California, Berkeley. He also attended the Stanford Executive Program in 2008 and holds eight U.S. patents.

CEO Compensation
  • Badri's compensation has increased whilst company is loss making.
  • Badri's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Enphase Energy management team in years:

1.7
Average Tenure
53
Average Age
  • The average tenure for the Enphase Energy management team is less than 2 years, this suggests a new team.
Management Team

Badri Kothandaraman

TITLE
President
COMPENSATION
$3M
AGE
45
TENURE
1.8 yrs

Eric Branderiz

TITLE
CFO & VP
COMPENSATION
$3M
AGE
53
TENURE
1 yrs

Dave Ranhoff

TITLE
VP & Chief Commercial Officer
COMPENSATION
$577K
AGE
62
TENURE
1.5 yrs

Martin Fornage

TITLE
Co-Founder & CTO
COMPENSATION
$1M
AGE
54
TENURE
13.3 yrs

Raghu Belur

TITLE
Co-Founder & Chief Products Officer
COMPENSATION
$759K
AGE
50
TENURE
13.3 yrs

Jeff McNeil

TITLE
VP & COO
AGE
56
TENURE
0.2 yrs

Mandy Yang

TITLE
VP, CAO
AGE
42
TENURE
0.7 yrs

Christina Carrabino

TITLE
Investor Relations

Denis Quinlan

TITLE
VP & General Counsel

Nathan Dunn

TITLE
Managing Director of APAC
TENURE
5.2 yrs
Board of Directors Tenure

Average tenure and age of the Enphase Energy board of directors in years:

3.9
Average Tenure
53
Average Age
  • The tenure for the Enphase Energy board of directors is about average.
Board of Directors

Badri Kothandaraman

TITLE
President
COMPENSATION
$3M
AGE
45
TENURE
1.8 yrs

Ben Kortlang

TITLE
Director
COMPENSATION
$75K
AGE
43
TENURE
9.1 yrs

Steve Gomo

TITLE
Lead Independent Director
COMPENSATION
$195K
AGE
66

Thurman Rodgers

TITLE
Director
COMPENSATION
$119K
AGE
70
TENURE
2.4 yrs

Richard Mora

TITLE
Director
COMPENSATION
$133K
AGE
53
TENURE
5.3 yrs
Who owns this company?
Recent Insider Trading
  • Enphase Energy insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
17. May 19 Sell David Ranhoff Individual 16. May 19 16. May 19 -63,516 $14.62 $-928,915
03. Apr 19 Sell David Ranhoff Individual 01. Apr 19 01. Apr 19 -2,110 $9.15 $-19,307
05. Mar 19 Sell David Ranhoff Individual 01. Mar 19 04. Mar 19 -60,000 $9.15 $-548,604
27. Mar 19 Sell Eric Branderiz Individual 03. Dec 18 03. Dec 18 -2,210 $5.58 $-12,332
27. Mar 19 Sell Eric Branderiz Individual 04. Sep 18 04. Sep 18 -6,863 $4.86 $-33,354
27. Mar 19 Sell Badrinarayanan Kothandaraman Individual 03. Dec 18 03. Dec 18 -2,370 $5.58 $-13,225
27. Mar 19 Sell Badrinarayanan Kothandaraman Individual 04. Sep 18 04. Sep 18 -10,114 $4.86 $-49,154
05. Mar 19 Buy Eric Branderiz Individual 05. Mar 19 05. Mar 19 11,415 $8.77 $100,098
05. Mar 19 Buy Badrinarayanan Kothandaraman Individual 05. Mar 19 05. Mar 19 10,000 $8.74 $87,394
08. Nov 18 Buy Badrinarayanan Kothandaraman Individual 08. Nov 18 08. Nov 18 15,000 $5.69 $85,275
23. Aug 18 Buy Eric Branderiz Individual 23. Aug 18 23. Aug 18 19,880 $5.03 $99,937
27. Mar 19 Buy Badrinarayanan Kothandaraman Individual 20. Aug 18 20. Aug 18 15,000 $4.88 $73,196
X
Management checks
We assess Enphase Energy's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Enphase Energy has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is It Time To Consider Buying Enphase Energy, Inc. (NASDAQ:ENPH)?

According to my valuation model, Enphase Energy seems to be fairly priced at around 7.71% above my intrinsic value, which means if you buy Enphase Energy today, you’d be paying a relatively reasonable price for it. … This is because Enphase Energy’s beta (a measure of share price volatility) is high, meaning its price movements will be exaggerated relative to the rest of the market. … ENPH’s optimistic future growth appears to have been factored into the current share price, with shares trading around its fair value.

Simply Wall St -

Calculating The Fair Value Of Enphase Energy, Inc. (NASDAQ:ENPH)

This is done using the Discounted Cash Flow (DCF) model. … If you want to learn more about discounted cash flow, the rationale behind this calculation can be read in detail in the Simply Wall St analysis model. … We use what is known as a 2-stage model, which simply means we have two different periods of growth rates for the company's cash flows

Simply Wall St -

What Kind Of Investor Owns Most Of Enphase Energy, Inc. (NASDAQ:ENPH)?

If you want to know who really controls Enphase Energy, Inc. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Check out our latest analysis for Enphase Energy

Simply Wall St -

Need To Know: Enphase Energy, Inc. (NASDAQ:ENPH) Insiders Have Been Selling Shares

It is perfectly legal for company insiders, including board members, to buy and sell stock in a company. … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'.

Simply Wall St -

What You Must Know About Enphase Energy, Inc.'s (NASDAQ:ENPH) Beta Value

Beta can be a useful tool to understand how much a stock is influenced by market risk (volatility). … To use beta as an investor, you must first understand that the overall market has a beta of one. … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market.

Simply Wall St -

Enphase Energy, Inc. (NASDAQ:ENPH) Investors Are Paying Above The Intrinsic Value

I am going to run you through how I calculated the intrinsic value of Enphase Energy, Inc. … by taking the foreast future cash flows of the company and discounting them back to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

How Much Are Enphase Energy, Inc. (NASDAQ:ENPH) Insiders Spending On Buying Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Enphase Energy, Inc. … The insider buying may not tell us much about how insiders feel about the current share price. … We don't deny that it is nice to see insiders buying stock in the company

Simply Wall St -

How Much Of Enphase Energy Inc (NASDAQ:ENPH) Do Insiders Own?

The big shareholder groups in Enphase Energy Inc (NASDAQ:ENPH) have power over the company. … Enphase Energy is a smaller company with a market capitalization of US$438m, so it may still be flying under the radar of many institutional investors. … View our latest analysis for Enphase Energy

Simply Wall St -

Have Investors Priced In Enphase Energy Inc's (NASDAQ:ENPH) Growth?

Enphase Energy Inc (NASDAQ:ENPH), a electrical company based in United States,. … As a stock with high coverage by analysts, you could assume any recent changes in the company’s outlook is already priced into the stock? … Today I will analyse the most recent data on Enphase Energy’s outlook and valuation to see if the opportunity still exists

Simply Wall St -

Has Enphase Energy Inc (NASDAQ:ENPH) Improved Earnings Growth In Recent Times?

For long term investors, improvement in profitability and outperformance against the industry can be important characteristics in a stock. … In this article, I will take a look at Enphase Energy Inc's (NASDAQ:ENPH) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers. … Could ENPH beat the long-term trend and outperform its industry.

Simply Wall St -

Company Info

Description

Enphase Energy, Inc., together with its subsidiaries, designs, develops, and sells home energy solutions for the solar photovoltaic industry in the United States and internationally. The company offers semiconductor-based microinverter that converts energy at the individual solar module level and combines with its proprietary networking and software technologies to provide energy monitoring and control services. It sells its solutions primarily to distributors, as well as directly to large installers, original equipment manufacturers, strategic partners, and homeowners. Enphase Energy, Inc. was founded in 2006 and is headquartered in Fremont, California.

Details
Name: Enphase Energy, Inc.
ENPH
Exchange: NasdaqGM
Founded: 2006
$2,097,411,912
121,027,808
Website: http://www.enphase.com
Address: Enphase Energy, Inc.
47281 Bayside Parkway,
Fremont,
California, 94538,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM ENPH Common Stock Nasdaq Global Market US USD 30. Mar 2012
DB E0P Common Stock Deutsche Boerse AG DE EUR 30. Mar 2012
LSE 0QYE Common Stock London Stock Exchange GB USD 30. Mar 2012
Number of employees
Current staff
Staff numbers
427
Enphase Energy employees.
Industry
Electrical Components and Equipment
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/16 00:35
End of day share price update: 2019/06/14 00:00
Last estimates confirmation: 2019/06/13
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.